Silver prices are correlating strongly to gold prices this morning. Down over 20 cents, silver seems to be following the path of gold. Investors seem to sense that a new round of QE is coming, but just don’t know when. The lack of any strong direction has the metal adrift in the market. This has silver prices trending lower after the big spike caused by the Bernanke speech this past Tuesday.

Long term silver bulls, the ones that follow Ron Paul, marc Faber and Max Keiser are all looking forward to the next fed meeting. Plus the jobs numbers this morning were hilarious if you actually read the full release. They did the upward revision on the order of 5% just to say there was a drop. At this point it isn’t a question of if there will be more monetary easing. It is when. And that’s why you have silver drifting around, sometimes positive, other times negative. Today happens to be that negative day. [Read more...]

Currently down over 30 cents, silver is following gold prices in that they are still range bound. The speech by Bernanke undoubtedly gave a short-term boost but it seems that the market is looking for actual action on the monetary easing front to push the metals higher.

With Bernanke saying the labor market growth is probably not sustainable, it should not be long for traders to see the movement they are looking for. Will be interesting if it can break through the range it has been in for the past few weeks. If so it could be that good old days for silver will be back and the silver bulls will be back in control. [Read more...]